Whales Propel the Solana Price Beyond $145—Is it a Short-Term Rebound or a Start of a Fine Recovery?
Solana has received great attention, surpassing the activities of advantageous chains such as Ethereum. Meanwhile, Memecoins’ dominance continues to rise, causing some concerns as several carpets pull adversely affect Sol Price Rally. Sales pressure escalated significantly on the tokens, which prevented the Bulls from recovering a significant rebound. this Sol Price The price of $133 was experienced by a strong rise to prevent the token from falling below the critical support zone.
The question now is: whether the latest rebound can be regarded as a trend reversal or a trap for the bulls.
It is said that one of the main reasons for the recent rise is a huge whale activity. According to an update shared by Lookonchian, the whale pulled a large amount of Sol from the popular CEX Binance, worth more than $7.5 million.
In this way, SOL prices quickly gain momentum as market participants want to take the next price action. The token is above psychological resistance at $145 but failed to clear the $150 range. Now, when the price pays for $145, another whale activity occurs, which could cycle the bearish cloud on the token.
Lookonchain Share another update Five of the whale accounts have not stored in the past 12 hours worth $810 million. Among them, 3.54 million Sol was stored in Coinbase Prime. Therefore, the possibility of a lot of sales pressure hovers over the tokens, because whenever the whale moves such a large amount of encryption toward CEXS, it greatly changes the value of the token. So, what’s next for Sol Price Rally?
Solana (SOL) price analysis
Solana Price has witnessed a large number of pullbacks over the past few weeks, dragging levels over 57% from their highs. Meanwhile, whales accumulation is believed to have changed the trajectory of the token. However, the growth trajectory seems not strong enough, suggesting that SOL prices may undergo an extended merger between $138 and $145 over a period of time.
As shown in the chart above, SOL price triggered a rebound from a local low of nearly $125. However, as the bulls failed to push the price beyond critical resistance, but helped keep the trend above critical support, the upside seemed short-lived. On the other hand, RSI showed bearish divergence, while CMF failed to rise to 0, indicating that the Bulls have great strength in their rebound. MACD is a bit diverse, with sales falling, and levels are heading towards bullish crossovers.
Therefore, it is believed that the Sol price remains solidified for some time and if the MACD experiences a bullish crossover, then the price may experience a significant increase. Until then, the token may remain in the accumulation phase.
